Export ban will be lifted by October just as OPEC reduces output
The global oil market is in for some big changes this fall if oil tycoon Harold Hamm’s crystal ball proves accurate.
During a quarterly update conference call on Aug. 6, the Continental Resources Chairman and Chief Executive Officer predicted an “energy paradigm shift will have profound long-term consequences worldwide starting with the U.S. crude export ban being lifted so America can finally compete freely in world energy markets.”
He foresees the world demand growth and low oil prices re-balancing eventually; meanwhile, recent world events like the Iranian nuclear agreement and the Organization of Petroleum Exporting Countries (OPEC) actions have shifted momentum to an all-time high.
- Chance Gristy